The updated IMF memorandum adds seven new structural benchmarks. What do they mean for Ukraine?
Following the first review of Ukraine’s Extended Fund Facility (EFF), the IMF approved a second $690 million disbursement. The updated Memorandum also introduces seven new structural benchmarks, six of which focus on tax and fiscal policy.
Among the key commitments:
▪️ By the end of July: introduce taxation of income earned through digital platforms and abolish the VAT exemption for imported parcels valued under €150.
▪️ By the end of August: raise the threshold for unscheduled VAT refund audits from UAH 100,000 to UAH 1 million.
▪️ By the end of October: adopt legislative changes to strengthen the independence of the national energy regulator (NEURC).
For private entrepreneurs, the IMF agreed to postpone the reform of the simplified tax regime. By April 2027, Ukraine is expected to prepare legislative amendments to abolish the VAT registration exemption for certain private entrepreneurs and raise the mandatory VAT registration threshold, with the changes taking effect in 2028.
At the same time, the IMF agreed to postpone several reform deadlines, including those related to the verification of asset declarations by the NACP and the review of energy tariff subsidies.
Which reforms are likely to be delivered on time, and which remain at risk?
Join us on 31 July at 16:00 (Kyiv time) for the presentation of our monthly Monitoring of the IMF Programme and the Ukraine Plan under the Ukraine Facility, organised by the RRR4U consortium.
This month’s special discussion will focus on how ineffective law enforcement institutions undermine Ukraine’s investment climate. We will examine the progress of the Bureau of Economic Security (BES) and the State Bureau of Investigation (SBI) reforms, discuss how businesses assess law enforcement, and explore the implications for investment.
Speakers:
• Yuliia Andrusiv, Deputy Business Ombudsman of Ukraine;
• Anastasiia Radina, Member of Parliament, Chair of the Committee on Anti-Corruption Policy;
• Yaroslav Zhelezniak, Member of Parliament, First Deputy Chair of the Committee on Finance, Tax and Customs Policy.
Kyiv (offline) + online livestream
The venue will be shared with registered participants.
The monitoring was prepared with the support of the International Renaissance Foundation.
RRR4U (Resilience, Reconstruction and Relief for Ukraine) is a consortium of four Ukrainian civil society organisations: Centre for Economic Strategy, Institute for Economic Research and Policy Consulting, Institute of Analytics and Advocacy and DiXi Group.
